Frankford, Missouri Property Taxes
The median property tax rate in Frankford, MO is 0.90%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $113,760 in Frankford, the typical annual property tax bill is around $1,014, significantly below the national median of $2,690. Property taxes in Frankford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural use. Understanding Frankford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Frankford or another part of Pike County, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankford, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Frankford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankford to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Frankford, Missouri
Property taxes in Frankford, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankford is 0.90%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Frankford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankford estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Frankford's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63441 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Frankford provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankford Tax Rate
0.90%
Average Pike County Tax Rate
1.04%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | 0.73% | 0.81% | 0.90% | 0.99% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Frankford, Missouri
In Frankford, Missouri, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Pike County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Frankford, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Frankford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in zip code 63441, with a value of $1,014.
Average Frankford Assessed Value
$113,760
Average Pike County Assessed Value
$71,050
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | $21,122 | $53,250 | $113,760 | $163,910 | $259,974 |
Source: Ownwell
Property Tax Bills Across Frankford, Missouri
In Frankford, located in Pike County, MO, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Several factors influence the tax bill, including the property's market value, assessment ratio, and the local tax rate set by various taxing authorities such as school districts and municipalities. For instance, with a median home price of $113,760, homeowners in Frankford can expect varying tax bills. The 25th percentile tax bill is $531, while the 75th percentile tax bill is $1,462, and the 90th percentile tax bill reaches $2,092. These figures illustrate the range of tax liabilities that homeowners might face. Compared to the national median property tax rate of 0.99%, Frankford's property tax rates can significantly impact homeowners, influencing their annual financial planning and long-term property investments. The highest and lowest median tax bills in the 63441 zip code are both $1,014, reflecting a consistent tax environment within the area.
Average Frankford Tax Bill
$1,014
Average Pike County Tax Bill
$720
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | $209 | $531 | $1,014 | $1,462 | $2,092 |
Source: Ownwell